Bitcoin's post debt ceiling agreement rally ended as the largest crypto by market capitalization retreated below $27.5K on Sunday. Will next year's Presidential election provide BTC's next narrative? TheSamReynolds writes
Yesterday’s post-debt ceiling deal rally has come to an end.
Bitcoin is beginning East Asia’s trading day down 1.3% at $27,746 while ether is down 1.1% to $1,893.. The absence of a defining narrative – is it a risk asset, or a hedge against risk? – has made for patternless price swings and confused investors. Some might say, for instance, that bitcoin should have risen on debt ceiling uncertainty, as a U.S. default would have jolted the traditional financial system. But instead, bitcoin acted like a stock. PerhapsEd Moya, a Senior Market Analyst with foreign exchange market maker OANDA, posits that the upcoming U.S. election is the narrative to watch.
“We were reminded that the key to Bitcoin’s success in the US might depend on the upcoming presidential election," Moya wrote in a note Friday."Florida governor Ron Desantis announced his intentions to run for president and appears poised to ‘protect’ Bitcoin.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Mover Asia: Bitcoin Rises Past $28K on Debt Ceiling DealALSO: A Chinese governmental agency released a paper over the weekend that outlined suggestions for China's Web3 policy, but it didn't broach must new ground. Still, the paper represented progress for a country that is keen to write the next generation of technology standards
Read more »
Unbeatable: Erdogan elected Türkiye’s President once againSunday’s run-off was a first in the country’s history as none of the presidential candidates secured the mandatory 50 percent votes in the May 14 presidential election.
Read more »
Iraq announces plans for $17 billion transportation project linking Asia to EuropeIraq’s prime minister announces plans for a $17 billion regional transportation project intended to facilitate the flow of goods from Asia to Europe.
Read more »
Polls open in Turkey's historic presidential runoff | CNNPolls have opened in Turkey’s presidential runoff as President Recep Tayyip Erdogan fights for a historic third term on Sunday.
Read more »
Voters in Turkey choose between Erdogan and Kilicdaroglu in presidential runoffVoters in Turkey are returning to the polls to decide whether the country’s longtime leader stretches his increasingly authoritarian rule into a third decade or is unseated by a challenger who has promised to restore a more democratic society. President Recep Tayyip Erdogan has been at Turkey’s helm for 20 years. He is favored to win a new five-year term in the second-round runoff after coming just short of an outright victory in the first round on May 14. The divisive populist, who turned his country into a geopolitical player, finished four percentage points ahead of Kemal Kilicdaroglu, the candidate of a six-party alliance.
Read more »